A 29-year-old woman has revealed how she saved £30,000 for a deposit on a one-bedroom flat in North London by making significant lifestyle sacrifices over five years. Maria, who moved into her new home in February, said she cut out all non-essential spending and worked overtime every weekend to achieve her goal.
To accelerate her savings, Maria moved in with her mother and paid only a nominal amount for keep. She changed jobs to one closer to home, allowing her to walk to work and eliminate commuting costs. She also sold her BMW for a cheaper Toyota Auris, reducing road tax, fuel, and insurance costs by £600 annually.
Maria gave up her gym membership, saved £25 a month by not upgrading her mobile phone, and made packed lunches instead of buying takeaway coffees, saving around £25 a week. She borrowed clothes from friends and family for special occasions and avoided buying new clothing except for essentials.
Despite frustrations with rising house prices, Maria persevered and now owns her own home. She said: 'I love it. I have friends who rent and don’t see a way out of that.' Her story highlights the extreme measures needed for young people to get onto the property ladder in London.
